Using benefits to boost retention

Bosses have boosted their benefits offering during the past two years to improve retention – according to the International workplace survey by Robert Half Finance & Accounting.

The study, which polled the opinions of 2,700 HR and finance directors across nine countries, found 30% of firms had granted extra benefits such as luncheon vouchers, group insurance products and company cars in the past two years to boost staff retention. Involving employees in company decisions (37%) and adapting salary packages (35%) were other strategies used to improve retention.

However, the majority (58%) agreed that the most important strategy to optimise employee retention is offering more training and development opportunities. Managers in the UK placed a greater importance on this, with 61% saying they had done so in the past two years to hang on to their staff.

But not all companies are convinced that they have the right policies to keep staff. Of those surveyed, 55% felt they needed to upgrade their retention policy and a further 24% said they needed to create one. Career development and training was considered to be the most important element in a retention strategy, according to 65% of employers.